WASHINGTON (MarketWatch) -- Consumers battling with financial firms over overdraft charges, late fees and other checking account issues can now file complaints with a new federal watchdog.

The Consumer Financial Protection Bureau announced Thursday that it is accepting complaints about bank accounts. In addition to collecting concerns about fees, the agency is prepared to help address consumer issues related to bank withdrawals, ATM cards and debit cards, and payment issues. Consumers can file a complaint using the consumer bureau's consumerfinance.gov website or by mail, fax or phone.

The move, which comes on the heels of news that Bank of America Corp. is considering a monthly fee for many users of basic checking accounts, gives consumers a way to flag concerns to a new agency designed to prevent fraudulent practices involving financial products from credit cards to payday loans.

"Consumers need someone on their side to keep banks and credit unions accountable--that is our job at the Consumer Bureau," said the bureau's director, Richard Cordray. The consumer bureau, a central plank of the 2010 Dodd-Frank financial overhaul law, supervises the nation's largest banks as well as nonbank lenders that provide student loans, payday lending groups and mortgage companies.

After a consumer files a complaint, the bureau works to help consumers get a speedy response. It expects firms to respond to complaints within 15 days, and it seeks to close all complaints within 60 days. The agency also provides consumers a way to dispute the bank's resolution.

Almost nine out of 10 American households have at least one checking account, said the consumer bureau, while adding that bank accounts "can be complex and confusing."

Javelin Strategy & Research released a report Thursday that estimates that consumers now pay 26% more in checking account fees than in 2002. The most common fees are monthly account fees and ATM fees, according to the report, which shows that large banks typically charge higher fees.

Bank of America Corp.
BAC, +1.68%
the nation's second-largest bank by assets, is considering a monthly fee that would require many users of basic checking accounts to pay a monthly fee unless they agree to bank online, buy more products or maintain certain balances.

Some consumers have already started to leave giant banks for smaller community banks and credit unions, partly fueled by plans Bank of America announced last year to charge a $5 debit-card fee. The bank eventually backed away from the fee plan amid a wave of criticism from consumers. Still, the controversial plan spurred some consumers to back "Bank Transfer Day," which was held in November as a way to encourage consumers to flee big banks.

New data from the National Credit Union Administration show that in the last quarter of 2011 -- the height of the fee controversy and consumer backlash -- membership at federally-insured credit unions increased 398,000, helping to push membership up to a historic high of 91.8 million as of Dec. 31.

"Consumer frustration with Wall Street motivated people to explore the value of Main Street credit unions," said National Association of Federal Credit Unions President Fred Becker.

Experts predict that checking account fees are likely to continue to increase as the banking industry grapples with a sluggish economy and new regulations limiting many types of service charges. Many banks are struggling to find new sources of revenue amid new federal limits on bank fees.

Meanwhile, the consumer bureau is taking steps to try to make fees more transparent. Last week, it announced plans to scrutinize bank overdraft fees.

The CFPB's announcement marks the third phase of its complaint system. The agency started taking complaints on credit cards when it launched as a new financial markets cop on July 21, 2011. In December, the bureau began handling mortgage-related complaints.

As of Feb. 22, the bureau had received more than 20,000 complaints, including nearly 7,000 on mortgages and almost 12,000 on credit cards.

Intraday Data provided by SIX Financial Information and subject to terms of use.
Historical and current end-of-day data provided by SIX Financial Information. Intraday data
delayed per exchange requirements. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc.
All quotes are in local exchange time. Real time last sale data provided by NASDAQ. More
information on NASDAQ traded symbols and their current financial status. Intraday
data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. S&P/Dow Jones Indices (SM)
from Dow Jones & Company, Inc. SEHK intraday data is provided by SIX Financial Information and is
at least 60-minutes delayed. All quotes are in local exchange time.